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Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
 Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners investing in the dry bulk market have been particularly busy lately, there is limited interest in the second-hand tanker market, activity in which is about 68% compared to the first quarter of 2016.
‘Sluggishness’ is therefore the defining characteristic used to describe the situation in the tanker SnP market, while in the freight market, rates maintain healthy, well above OPEX levels, but not high enough to inspire overwhelming positive expectations. This trend has resulted in decreasing asset prices and may well be the window of opportunity for owners wishing to invest in vessels priced at fairly reasonable levels.
Looking into the MR segment, the table below gives a breakdown of values for different asset classes since 2012.
The last done “MARE ACTION” (30,058dwt-blt 05, S. Korea), which was sold for a price close to $10.0m together with the small 15-yr old MR2, basis SS/DD due, which can be fixed close to $8.0m, are indicative of the particularly attractive prices currently prevailing in the sector.
Despite those rather attractive prices in the tanker market though, it is SnP activity in the dry bulk sector that has been monopolizing everyone’s interest lately. However, after consecutive weeks of increasing asset prices and with more than 200 dry bulk SnP deals - ranging from Handies to Capes – at the closing of Q1, there are a few voices now in the market insisting that this rally will gradually show signs of cracking and exhaustion.
The above estimation is based on a couple of things. On one hand potential buyers have gradually started to lose interest in paying todays’ increased levels, thinking this momentum might ease at some point and push prices – even slightly – down.
On the other hand, Sellers seem to be the one in control at the moment, able to set the premium over the last done and consequently asking for significantly higher prices even a few days after the last reported deal. The above market dynamics create a gap in the second hand market that is capable of restricting second hand activity until market perception becomes more accurate with both buyers and sellers re-adopting a more realistic attitude.
To summarize, while the dry bulk and tanker markets may be at different stages of their respective cycles, they both certainly display interest for different reasons nonetheless.
By Nasos Soulakis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 18 May 17
SOUTHEAST ASIA CAN ACCELERATE ACHIEVEMENT OF PARIS AGREEMENT GOALS - WCA
Low emissions coal in Asia reduces more CO2 emissions than renewable investment in Western Europe.
Investing in low emissions coal plants in S ...
Wednesday, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
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- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
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